The bill establishes specific financial parameters for the fiscal year 2026 regarding property and income dollar equivalent yields, as well as the nonhomestead property tax rate. For this fiscal year, the property dollar equivalent yield is set at $8,596.00, the income dollar equivalent yield at $12,172.00, and the nonhomestead property tax rate is established at $1.703 per $100.00 of equalized education property value, overriding any conflicting provisions in existing law.

Additionally, the bill amends the definition of the equalized value of the housesite in the taxable year, clarifying that it is determined by dividing the value of the housesite on the grand list for April 1 of the taxable year by the municipality's common level of appraisal, adjusted by the statewide adjustment for the taxable year. The act is set to take effect on July 1, 2025.

Statutes affected:
As Introduced: 32-6061
As Passed By the House -- Official: 32-6061
As Passed By the House -- Unofficial: 32-6061
As Passed by Both House and Senate -- Official: 32-6061
As Passed by Both House and Senate -- Unofficial: 32-6061
As Enacted: 32-6061